Factors related to being in higher income categories

Personal Finance, Military Families February 06, 2017 Print Friendly and PDF

 

DeVaney, S. A., & Anong, S. T. (2007). Income quintiles: Examining changes in the characteristics of respondents. Financial Counseling and Planning, 18(2), 19-34.

Brief Description: This study identified characteristics of Survey of Consumer Finances (SCF) respondents in different income distribution quintiles in 1998, 2001, and 2004. Characteristics associated with being in the upper and upper-middle income quintiles included age, education, homeownership, luxury vehicle ownership, and regular savings. Variables that were not significant included gender and family type and attitude toward the economy.

Implications: People need to manage money carefully when they are younger because the likelihood of increasing income declines in their 60s. Educational attainment, homeownership, and regular savings are associated with higher income and should be pursued. Self-employed respondents were at both ends of the income spectrum with learning needs ranging from survival techniques to developing profit sharing plans.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.